Ultralife Acquires Accutronics Ltd.
Ultralife Corporation has acquired all of the outstanding shares of Accutronics Ltd., for £7.575 million (approximately $11.0 million) in cash, subject to customary working capital and net cash/debt adjustments. Based in Newcastle-under-Lyme, U.K., Accutronics Ltd. is a leading independent designer and manufacturer of smart batteries and charger systems for high-performance, feature-laden portable and handheld electronic devices.
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Q3 Results Announced
Ultralife Corporation reported operating income of $1.2 million on revenue of $19.0 million for the quarter ending September 27, 2015. "On a year-to-date basis, we have generated $5.3 million more in operating income on a $10.6 million gain in revenue, clearly demonstrating our business model operating leverage," said Michael D. Popielec, Ultralife's President and Chief Executive Officer. "With our new products gaining traction and our opportunity set widening, we firmly believe our plans to produce revenue and earnings growth for 2015 are within reach."
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